Credit, Collections & Insolvency News
The Joseph Rowntree Foundation JRF) has released a new report which highlights than Britain are going into Brexit with half a million more children trapped in poverty, this following a relentless rise in the number of working families struggling to make ends meet over the last five years. It means in a typical classroom of 30 children, nine are now living in…
Read moreThe Financial Conduct Authority (FCA) has published a Decision Notice in respect of Mohammad Ataur Prodhan, the former Chief Executive Officer of Sonali Bank (UK) (SBUK), fining him £76,400. Prodhan has referred this Decision Notice to the Upper Tribunal (the Tribunal) where he and the FCA will each present their cases. The Tribunal will determine…
Read moreThe University of the West of England (UWE Bristol) Future Space innovation hub, and fintech company Flexys are using advice from Bristol University’s Personal Finance Research Centre (PFRC) and working with UWE Bristol’s Computer Science and Creative Technologies department to research the way customers in debt can manage their arrears. Guidance from the Financial Conduct Authority…
Read moreEuropean credit management specialist Intrum and Italian bank Intesa Sanpaolo have finalised a strategic agreement to create market-leading servicer of non-performing loans (NPL) in Italy. The agreement creates an establishment of a market leading servicer of non-performing loans (NPLs) in Italy. The servicing platform, Intrum Italy, is majority owned by Intrum with Intesa Sanpaolo retaining…
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The Money Advice Service (MAS) has launched new guidance which they say will assist Local Authorities to take a more progressive approach to the recovery of Council Tax, encouraging improved resident engagement, fairer outcomes and sustainable arrears repayments. Across the UK, the number of overindebted people is approximately 8.3 million. Furthermore, a third of people…
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Zopa has announced that it has been approved for a bank licence with restrictions. This is called the ‘mobilisation’ phase of the process where the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) put some restrictions in place. Zopa will be granted a full licence once it meets the conditions set by the regulators…
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The Insolvency Practitioners Association (IPA) has announced a new regulatory framework for the continuous monitoring of the use of an Individual Voluntary Arrangement (“IVA”) by high-volume IVA providers. The Insolvency Service classifies high-volume as those firms that are responsible for 2% of the total number of IVAs annually. An IVA is one of the debt management…
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Experian has announced that has launched what it calls a transformative change to the way consumers shop for credit cards. Experian’s new comparison services will now mean that consumers will see a guaranteed rate when shopping for cards with certain providers. Credit card and loan providers only need to offer their headline representative Annual Percentage…
Read moreIrish bank, Permanent TSB (PTSB) has announced that it has agreed to sell a 1.3 billion euro portfolio of problem mortgage loans in a securitisation deal, to help reduce its bad debt level to below 10 percent. PTSB has been trying to reduce its exposure to non-performing loans (NPLs) and focus on providing services for…
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A new Open Banking platform providing consumer bank account data free-of-charge to mortgage finance providers is set to launch this week. LendingMetrics’ OpenBankVision will allow users access to 90 days of bank statements with no minimum or maximum cap on the number of requests, when it goes live on December 3. Finance companies using the…
Read moreUK Asset Resolution (UKAR) the company behind Bradford and Bingley and Northern Rock Asset Management (NRAM) has paid back £6.3 billion in government loan repayments in the last six months. UKAR announced the figures as part its interim results for the six months ended 30 September 2018. Government loan repayments of £6.3bn, including the remaining…
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Record levels of employment, Brexit and the ongoing skills shortage have resulted in increased business for recruiters in the last year, according to new research from independent financial services provider, Bibby Financial Services (BFS). Nearly three-fifths (59%) of companies in the sector experienced improved business performance over the past 12 months, with nearly two thirds…
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The LV= Income Roulette Report reveals that more than a quarter (28%) of people expecting to retire within the next five years don’t know how much they have in their pension pot. In addition to money worries, some did not feel emotionally ready for retirement with one in six (16%) admitting they were worried they…
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